What is a Day Trader?
In simple terms, a day trader is anyone who buys and sells stocks throughout the trading day with absolutely no positions still open by the end of it. If a position is held for more than one trading day, it is referred to as a “swing trade”. The term ‘Day Trading’ is also often used to refer to the act of opening trading positions and closing them before a trading day is over. These trading positions taken can either be long or short. ‘Long’ involves buying the shares outright while ‘short’ entails borrowing shares. To make a profit, day traders must learn to take advantage of market volatility by opening and closing trades at just the right time. How? Read on for our top tips on how to become a successful, professional day trader below.
Top Tips on How to Become a Successful Day Trader-
To get started with day trading, you first need to:
Establish a Trading Plan
Every professional trader needs to focus on developing and perfecting a sound trading strategy. To find one, you can start with a strategy from the internet that suits your schedule, financial resources, and risk tolerance. After you find a good strategy, start to practice trading with it on real-time markets or in a simulated trading program like trader2B‘s, and make your own adjustments. Note down your trades and keep getting better by analyzing what you did right and wrong on your profits and losses.
Once you’ve developed a solid trading strategy that you’re comfortable using, you can start to focus on finding the best trading opportunities that will contribute to your overall success.
Master Your Trading Platform
The next step to becoming a professional, funded trader is understanding the critical features of the software program you intend to use while trading. Often, trade executions, especially while day trading, need to be made quickly. There won’t be time to look at help files or search through menus. It’s also important to make sure that you’re familiar with any trading actions you might need to take such as entering a market or limit order, entering a stop-loss order, and much more.
Get Relevant Information on Price Movements
In the earlier days of trading, professional traders used to have dinners with CEOs of big corporations and read the daily newspapers to learn about the price-movements of well-performing stocks. Today, you don’t need to do that thanks to the internet’s wealth of information readily available, making it a perfect tool for day trading. If you want to be a successful and funded day trader, you will want to have multiple computer monitors to help you stay up to date with your analysis. Most professional traders with funded accounts find it almost impossible to conduct a successful trading day without the aid of multiple screens with different data and news feeds. Traders need to be able to capture as much information relevant to their potential traders as possible and multiple monitors can help you to achieve that.
Understand Technical Analysis
Unlike fundamental analysis which requires a trader to keep themselves in the know at all times, technical analysis requires a trader to have specific and updated knowledge of price movements and graphs for any number of stocks. A trader can then use their technical analysis skills to analyze the graphs and find a convergence of support and resistance via different methods such as multiple frame analysis) which allows professional traders to analyze stock prices using charts that record set time frames such as one day, one month, one year and so on).
Invest Time in Day Trading Education
Day trading is not a get rich quick scheme nor is it a skill set that takes a mere few days to master. So be wary of anyone who says otherwise. To become a professional trader, you should expect to spend at least six months sharpening your skills and practising a strategy before you are comfortable with all conditions necessary for success. The hard truth is that a day trading strategy might work today but fail tomorrow. Thus, exposure to real-time markets is key, and the reason why so much time is needed when learning how to make needed adjustments to your day trading strategy. Understand that doing so will require a lot of time and patience but the benefits you can reap will be well worth the effort.
Study the Psychology of Day Trading
You don’t need a PhD in psychology to become a professional trader but it is good to know some basics. Successful traders are often not only conscious but familiar with the inner workings of their mind enough to help them control their fear, greed, and other emotions that can arise as they engage in trading. This mindfulness allows successful traders to focus more on what drives the market rather than other unimportant things.
Track Your Progress
Becoming a professional trader also demands a consistent learning process. Even the very best traders are always looking for new ways to improve their strategies. The only way to get better at your day trading is to physically record what you are doing (whether that’s in a spreadsheet or a notebook – we suggest a digital one for easy search and reference) and look for ways to make improvements. The analysis you perform should always tie back to your main trading objective.
For example, if you want to make a certain profit every day, you should constantly analyze the trades you’re placing that are getting you closer to your goal and eliminate those that are keeping you farther away.
How Trader2B Can Help You
While the above-mentioned strategies are all tried and true means of helping you become a professional trader, they take a lot of time and consistent effort to not only learn but successfully implement. This is where trader2b.com comes in. How would it feel to work with people that have been in the industry long enough to know what works and what doesn’t? Through our coaching, training, and funding, we can help you become the successful trader that you have always dreamt of being.
Whether you are just starting or are already a stock market veteran, we want to offer you the opportunity to make money from our t2B trading bundle with no risk to your wallet or profits.
An Overview – Steps to Becoming a Professional Trader with Trader2B
Sign up today and get complete access to our trading software and start implementing your strategies with real-time market data.
- Get Trained
Not certain about your strategies yet? Get trained using online videos that cover all aspects of trading (from trading psychology and risk management to strategy development and trade execution).
- Get Funded
Pass our ToroChallenge, and we’ll provide you with a $25,000 live account to start day trading once you’re in the evaluation stage.
- Get Coached
We are passionate about getting you the guidance you need to be a professional trader from day one and will work with you to build your trading strategies based on specific objectives tailored to meet your needs and goals.
- Become a Pro Trader
Get more trading capital and make money. Our profit-sharing system reaches up to 90%!
Ready to change your life? Sign Up Now!